Which law regulates the disclosure of consumer credit reports and establishes procedures for correcting mistakes on a credit record?

The Fair Credit Reporting Act (FCRA) is the law that specifically regulates the disclosure of consumer credit reports and establishes procedures for correcting any inaccuracies found in credit records. This act was enacted to promote the accuracy, fairness, and privacy of information contained in consumer credit reports.

One of the key aspects of the FCRA is that it gives consumers the right to know what information is contained in their credit reports. It also sets forth guidelines on how consumers can dispute inaccuracies and requires credit reporting agencies to investigate disputes and correct any mistakes. This is crucial for maintaining consumer rights and ensuring that individuals have the ability to rectify any errors that may affect their credit scores.

In contrast, the Truth in Lending Act primarily focuses on the disclosure of credit terms and costs to ensure that consumers can compare credit offers. The Equal Credit Opportunity Act prohibits discrimination in lending practices but does not address the accuracy or correction of credit reports. The Consumer Protection Act encompasses a broader range of consumer rights and protections, but it does not specifically deal with the regulation of credit reporting and consumer credit reports in the way the FCRA does.